SHINE Medical considers Chippewa Falls site
Posted: June 17, 2011
Middleton,WI-based SHINE Medical Technologies, a start-up company specializing in manufacturing a medical isotope that is used to detect heart disease and staging cancer, is looking at locating a facility in Chippewa Falls that would create more than 100 jobs.
SHINE (Subcritical Hybrid Intense Neutron Emitter) Medical Technologies announced last week that it has raised $11 million from investors for the firm formerly known as Phoenix Nuclear Labs. The cities of Janesville and Stevens Point are also in the running to attract SHINE to develop a manufacturing plant in their community.
"Our timeline is to make that determination this summer, so in the next two to three months, we expect a decision will be made," said SHINE President David Weissburg, who added that the firm is looking at locating in the Lake Wissota Business Park in Chippewa Falls if the city is selected.
In its investment announcement, SHINE said Las Vegas,NV-based Knox,LLC, a venture capital firm, has provided $11 million towards the $80 million cost of the project to bring the product to market. Knox, LLC, is an investment vehicle led by Stevens Point native and UW-Madison alumnus Frederick Mancheski, the former chairman and CEO of Echlin, an automotive parts supplier.
The company hopes to open the new plant by the end of 2014, according to a news release. The operation is initially expected to create at least 100 permanent jobs with the possibility for further employment in the future. TBL